monday.com First Quarter 2023 Results - Summarised
Discover the summarized output of monday.com's First Quarter 2023 results- 50% YoY revenue growth, 75% YoY increase in customers with $50k ARR, record revenue, and free cash flow. Exciting updates include monday AI and the launch of mondayDB. Explore the latest offerings for development teams and sales CRM available to existing customers.
Summary:
- First quarter revenue of $162.3 million grew 50% year over year
- The number of customers with more than $50k ARR grew 75% year over year
- Achieved record quarterly revenue and free cash flow
- Announced monday AI, with plans to incorporate AI into the monday.com platform
- Launched the first phase of mondayDB,
- Moved monday dev – our product tailored for development teams – out of beta.
- monday sales CRM and monday dev now available to existing customers.
Management Commentary: “The monday.com team is off to a strong start in 2023, with our results reflecting increasing customer demand for our Work OS platform and product suite, as well as our ongoing commitment to improving efficiency and profitability,” said monday.com founder and co-CEO, Roy Mann. “
Financial Outlook: For the second quarter of the fiscal year 2023, monday.com currently expects: Total revenue of $168 million to $170 million, representing year-over-year growth of 36% to 37%.
Investor Presentation Details: An investor presentation providing additional information can be found at http://ir.monday.com.
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